Saipem, Havfram evaluating cooperation in offshore wind market
Saipem, Havfram Holding and HVAS Invest Kappa, a holding company controlled by HitecVision, have signed a non-binding agreement to evaluate potential collaboration in the development and construction of offshore windfarms.
In a statement, the parties said they “share the common objective to create a wider value proposition by integrating a range of construction and operation services, based on the parties’ respective competences and expertise.”
Cooperation between HitecVision-controlled Havfram and Saipem would build upon Havfram’s business model and expertise in installation of offshore facilities on one hand, and Saipem’s offshore wind engineering, procurement, construction and installation (EPCI) capabilities, competences and assets on the other.
The statement said the initiative “is consistent with Saipem’s 2022-25 strategic plan” and the company’s intention to strengthen its value proposition in the offshore wind market, identifying new and more profitable ways of execution, organization and management models and through the integration into its operations of new-generation installation assets such as jack-up vessels.
In November 2021, Havfram and institutional investors advised by JP Morgan Global Alternatives signed a letter of intent with CIMC-Raffles in China to build a series of next-generation wind turbine installation vessels. The first vessels will be built at CIMC-Raffle’s Yantai yard in China for delivery in 2024. At the time, Havfram said it intended to operate several vessels in the offshore wind market, using conventional jack-ups for turbine installation as well as a cost-effective feeder-solution for the US market in particular.
The agreement also reflects Havfram’s intention to accelerate growth in its EPCI and service-oriented offering in the offshore wind market.
Saipem and Havfram said they will set up a joint team to study the technical, organizational, financial and valuation aspects of collaborating, and could reach a detailed definition of a business model and a final agreement by end of third quarter of 2022.